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UV Curable Coatings Market Size By resin (Epoxy Acrylates, Polyesters acrylates, Urethanes acrylates, Others), By Technology (Water borne, Solvent borne), By Application Architectural & Building, Automotive & Transit, Furniture & Woodworking, Electronics, Graphic art & Printing Inks, Others), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032

  • Report ID: GMI5394
  • Published Date: Nov 2022
  • Report Format: PDF

Industry Overview

UV Curable Coatings Market size was valued at over USD 5.5 billion in 2022, with industry analysts expecting it to grow at over 7.5% CAGR from 2023 to 2032. Increasing application scope of UV curing technology for surface protection will serve as a key driver for business growth.
 

UV Curable Coatings Market

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The industry scenario is slated to be driven by the benefits UV curable coatings offer while still conforming to the tightening environmental regulations across the globe, particularly in Europe and North America. These regulations are pushing consumer demand towards green coatings such as UV curable coatings as their usage on surfaces such as wood, metal, paper, and ceramics is considered environmental-friendly. They do not cause any volatile emissions owing to their 100% solids content, and can cure surfaces almost instantaneously, which also drives their adoption across numerous applications.
 

Cracking defect of UV coated paper may constrain UV curable coatings market development

A major drawback of UV curable coatings is its cracking defect when it is used on paper. The nature of the coating is highly rigid and is susceptible to cracking when the paper is scored or folded, which drastically limits its use. Meanwhile, the challenges UV cured paper faces with respect to ink-based applications such as printing, further limits its application. Surfaces that are UV cured, cannot be used with adhesives or other forms of imprinting as well, which further impedes product sales.
 

Superior performance of urethanes acrylates to propel resin segment expansion

UV Curable Coatings Market By Resin

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Based on resin, the UV curable coatings market landscape from urethanes acrylates segment is poised to surpass USD 2.5 billion by 2032, depicting more than 7.5% CAGR. Urethanes acrylates are primarily used in industrial, automotive, packaging, and industrial coatings, which greatly contributes towards its high valuation. Rising demand from these avenues is expected to foster segment outlook. The coating offers high performance levels with regards to its chemical, mechanical, and outdoor characteristics in multiple viscosities as per the requirements of the applications, further nurturing its revenue growth.
 

High flexibility of water-borne UV curable coatings to fuel technology segment statistics

UV Curable Coatings Market Market By Technology

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Based on technology, the UV curable coatings market is segmented into water-borne and solvent-borne coatings. Amongst them, the water-borne coatings segment share is anticipated to cross revenues of over USD 6 billion by 2032, with more than 8% CAGR over the study period. Water-based UV coatings allow users to match or develop a customized color without any limitations, making it highly desirable across the packaging and printing sectors. The technology also boasts of a fast-drying property, making it ideal for coating large objects. In addition, it is non-toxic nature and offers it great coverage, which further bolsters its adoption.
 

Strong demand from furniture and woodworking applications to drive market revenues

UV Curable Coatings Market by Application

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With respect to application, the furniture and woodworking segment size is anticipated to go beyond USD 2 billion by the end of the assessment duration, expanding at an 8% CAGR from 2023 to 2032, driven by the increasing use of UV curable coatings in the finishing of woodworking and furniture. UV curable coatings impart properties such as high gloss, abrasion, and scratch resistance on the surface of the wood, fueling its use in the sector. The growing remodeling and living space refurbishment trend is creating a notable demand for furniture and woodworking, which is also slated to influence the segment trends.
 

Growing preference for eco-friendly products to strengthen the Asia Pacific UV curable coatings market statistics

UV Curable Coatings Market by Region

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Asia Pacific UV curable coatings market share is expected to surpass USD 6 billion by 2032, fostered by the growing adoption of eco-friendly products in the region. The growth can also be credited to the rising instances of mergers and acquisitions, among leading regional as well as international industry players, to cater to the evolving requirements and demands of the market. Meanwhile, rising investments towards R&D and the resulting advancements in the coatings technology are also likely to stimulate industry expansion.
 

Mergers and acquisitions to remain the go-to growth strategy for the market

Some of the leading contenders in the UV curable coatings market include Sherwin Williams, PhiChem Corporation, Dow, Arshland Inc., BASF SE, Axalta Coatings Ltc., Akzonobel NV, Dymax Corporation, and others. Many market players have been recently observed to be relying on mergers and acquisitions to grow their product portfolios.
 

Impact of COVID-19 on the UV curable coatings market landscape

COVID-19 had a major impact on the UV curable coatings market, with the ensuing lockdowns practically bringing high-growth industries such as automotive and construction to a standstill. While residential DIY projects kept revenues flowing, growth was severely muted. Industry players used the disruption to capitalize on lucrative opportunities.
 

UV Curable Coatings Market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD million from 2018 to 2032, for the following segments:

By Resin

  • Epoxy Acrylates
  • Polyesters acrylates
  • Urethanes acrylates
  • Others

By Technology

  • Water-borne
  • Solvent borne

By Application

  • Architectural & Building
  • Automotive & Transit
  • Furniture & Woodworking
  • Graphic art & printing inks
  • Others

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Malaysia
    • Indonesia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Asia Pacific
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • United Arab Emirates
    • Kuwait
    • Rest of Middle East & Africa

 

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

In 2022, the global market size for UV curable coatings registered a valuation of over USD 5.5 billion and is poised to grow at over 7.5% CAGR through 2032.

APAC ultraviolet curable coatings market share is slated to cross USD 6 billion by 2032 on account of a growing consumer inclination towards eco-friendly products in the region and increasing R&D towards advancing the regional coatings industry.

The UV curable urethanes acrylates coatings segment is poised to surpass USD 2.5 billion by 2032, driven by its rising applications in industrial, automotive, packaging, and plastic coatings sector.

Some of the leading players in the ultraviolet curable coatings market include names such as Teknos Group, Dymax Corporation, SDC Technologies, Arshland Inc., Dow, Cardinal, Master Bond Inc., among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 13
  • Tables & Figures: 315
  • Countries covered: 17
  • Pages: 261

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